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Cooperatives told to obtain funds from NABARD

By Our Correspondent

CHIKMAGALUR, SEPT. 28. D.C. Srikantappa, MP, has stressed the need for cooperative institutions to obtain funds directly from the National Bank for Agriculture and Rural Development (NABARD) and disburse loans at a reduced rate of interest.

Inaugurating the 75th anniversary celebrations of Chikmagalur Town Housebuilding Cooperative Society here on Monday, he said pressure should be brought on the Union Government in this regard.

He said the interest rate increased by two per cent when funds were obtained through the Apex Bank.

Mr. Srikantappa recalled the service rendered by the cooperative society.

Noting that cooperative institutions should offer attractive terms to compete with commercial banks, he said 1.5 crore houses were required to be built in the country.

He commended the administrative board of the cooperative society for the success achieved by the institution.

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